Newcastle Building Society has launched a cash Lifetime ISA, which is available at a market leading variable rate of 1.10% Gross/AER.
The tax free lifetime individual savings account (LISA) can help first time buyers saving for a deposit on a home, and those saving for retirement, attracting a 25% Government bonus on amounts saved each tax year.
Customer director at Newcastle Building Society, Stuart Miller, said: “Helping people own their home and plan for the future is core to our Society purpose, and Lifetime ISA helps both these sets of savers. Encouraging and rewarding personal saving is an important step in addressing a culture of easy credit and consumer debt that has become prevalent and ultimately reduces the ability of individuals, couples and families to save and plan for their future.”
Customers who are interested in opening a LISA with Newcastle Building Society can open one online with just £1.
Stuart Miller continued: “We understand how hard it is for people to save a deposit for a home and similarly, how saving early for retirement can make a material difference to financial security in later life. The 25% Government bonus could help people between 18 and 39 significantly add to their personal saving, with as much as £32,000 available to those who save the maximum amounts permitted.